Xerox Shares Rise Despite Earnings Miss

(RTTNews) - Shares of Xerox Holdings Corporation (XRX) are rising more than 9% Thursday morning though the company's fourth-quarter results missed analysts' view.

The company reported net loss of $61 million, or $0.50 per share for the fourth quarter compared with profit of $118 million or $0.74 per share a year ago.

This quarter includes an after-tax Restructuring and related costs, net charge of $78 million, or $0.62 per share, related to the recently announced workforce reduction.

Excluding one-time items, earnings were $56 million or $0.43 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.52 per share.

Revenue of $1.765 billion was down 9.1 percent year-over-year. The consensus estimate was for $1.79 billion.

XRX is at $18.57 currently. It has traded in the range of $12.06 - $19.00 in the last 52 weeks.